The team is expected to be put up for sale this fall after the death last month of 95-year-old owner Ralph Wilson.
"Jon remains passionate in his pursuit of an NFL franchise," Bon Jovi's publicist, Ken Sunshine, told the Toronto Sun on Thursday.
Bon Jovi had previously expressed interest in becoming an NFL owner. A potential bid could be in partnership with Maple Leaf Sports and Entertainment, which owns the NBA's Toronto Raptors and the NHL's Toronto Maple Leafs.
Tim Leiweke, the company's president and CEO, has close ties to Bon Jovi, who does not appear to have the capital required to purchase an NFL team outright and would need other investors. Bon Jovi has an estimated worth of $290 million, far short of a possible $1 billion sale price for the Bills.
It apparently is not the first time that Bon Jovi has tried to buy a stake in an NFL franchise. Three years ago, there were reports that he attempted to purchase 15 percent of the Atlanta Falcons from owner Arthur Blank.
It remains uncertain whether an new ownership group would keep the Bills in Buffalo. Any sale of a team requires 75 percent approval from the league's owners.
Boston Bruins owner Jeremy Jacobs also is mentioned as having interest in the team. He is a Buffalo native.